Approximately 0.38% of loans went into foreclosure during the third quarter, according to a report released this week by the Mortgage Bankers Association. This is the lowest rate since the second quarter of 2005. About 3.57% of loans were at least 90 days past due, the lowest rate since the third quarter of 2007.
These numbers can be attributed to a healthy job market and rising home prices, which allows troubled borrowers to sell as opposed to being foreclosed upon. Fewer foreclosures will likely help home prices, because bank-owned homes tend to sell for less. These often empty homes can deteriorate and affect the value of neighboring homes.
New Jersey, New York and Florida continue to have the highest foreclosure rates, but now the foreclosure problem is largely isolated to loans made before 2009.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.